If you own rental properties in Austin, Texas, or any other major rental city, there is a good chance you outsource your day-to-day management for your property(s). A property management company will offer resources for your property that you, as the owner, just can’t provide. They have systems in place to lease your property quickly and then insure tenant satisfaction throughout the duration of their lease. Your property management company is a third party dedicated to relieving you from the stress of owning rental properties.
When the headaches begin returning to you, you’ve got problems. The instant you even begin to have to worry about your property you’re on the track to run into some problems. With nothing short of a plethora of management companies to choose from, spending time working with a property manager who isn’t getting the job done can be a costly mistake. Here are 5 reasons you may fire your current property manager for greener pastures.
Your Property Manager is Unresponsive
Imagine you own a business and are tasked with hiring a team of employees to properly run your business. You would most definitely target employees you felt you could trust and would be responsive to you as their boss. The same goes for hiring a property management company. Never forget, any property management company you choose to manage your rental properties works for you, not the other way around. Like any employee, your property manager you hire should be completely responsive to you as the owner of those properties. Having a hard time getting a hold of your property manager? Time to start shopping around for a new manager!
Failing to Adapt with the Industry
It’s 2018 and technology has taken us a lot farther then we could ever expect. We order rides with the click of a button, cars drive themselves, and your property manager has a lot more tech available to them then their used to be. Take a moment and think about what your property manager is offering both you and your tenants. Can your tenants pay rent online? Are they? Can you login in and check owner statements every month? Does the company provide property tax protests come tax time?
How do they connect with tenants and lease your properties? Do they actively market your properties or spray and pray with the MLS? A great property management company, like Stone Oak Management, has an in-house marketing team that is a Google Partner and hold certifications with the latest digital marketing suites and practices. Is your property manager adapting with the industry or are they stagnate?
They Keep Renting to Bad Tenants
There are a bunch of factors that play into whether your rental property is successful or not. All of the different parties play their part in receiving that rental check every month. The most important part in all of this is the tenants. When your property has great tenants it’s hard for things to be better. The money shows up on time every month and all parties are happy. If your tenants are bad apples then things are different. You or your manager could be left running down your rental payments, disputing damages to the property, etc. It’s your property manager’s job to get your property leased, but not just to anyone. If you’re property manager seems to place only bad tenants it’s time to fire them. Consider asking potential managers what percentage of their tenants they’ve had to evict. This answer should be low and if it’s high the alarm bells should be going off.
Your Tenants are Dissatisfied
Earlier we stated that your tenants were a huge factor that played into the success of your property. Sure, we want to avoid the bad ones, but just getting great tenants doesn’t guarantee a smooth rental property. Renters are needy, and as the party responsible for your monetary gain, it’s wise to keep them happy. If your property manager isn’t focused on your tenants satisfaction as much as they are focused on yours then the priorities of your property management company are wrong. Tenants are the lifeblood of your property and keeping them happy and content makes for a better time. If the company you’ve chosen to manage your rental home is slow on maintenance and repairs and keeping your tenant happy then finding a new property manager is advisable.
Nickel & Diming
No one likes, so why do companies do it? We get it, some people are really great at finding ways to monetize things. However, being greedy is unattractive, especially when it means charging money that should rightfully go to the landlord. For example, a big national property management company, who shall remain unnamed, seem to offer a great ‘flat-rate’ that can’t be beat. However, they probably aren’t telling you they are charging your tenants a percentage of their monthly rent on top of their normal payment for ‘convenience’. Shouldn’t the owner of the property be receiving that cash? What about charging for every little thing they do? Some managers charge outrageous fees for things such as inspecting the property. Something that should come with the service you’d think. Want to work with an honest property manager? The companies who are setup to take a percentage of your rent usually have a better idea of how their business works and what it takes to run them smoothly. Don’t be fooled by the low monthly fee, they are up-charging elsewhere.
Thinking of making the switch in managers? Start with Google and Yelp. Look at all the companies and what they have to offer. Being #1 in the search results for these companies doesn’t mean they are the best option. Be sure to do your due diligence and vet all potential management companies. Don’t partner with the biggest, partner with the best!